Copper Slides to Three-Month Low on LME
Copper fell 3.2% to $13,883 per ton on the London Metal Exchange as traders weighed weaker AI-driven demand and shifting US tariff expectations.
Updated on Nov. 4, 2026 in Economic Indicators
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Copper fell 3.2% to $13,883 per ton on the London Metal Exchange on Tuesday, a three-month low. Prices climbed back above $14,100 per ton on Wednesday.
Why it matters
The recent AI stock market rout has shaken confidence in the spending boom behind new data centers, which rely heavily on copper for electrical infrastructure. Democrats' victory in both chambers of Congress has also reduced expectations of US tariffs on refined copper.
Copper fell 3.2% to $13,883 per ton on Tuesday, then recovered above $14,100 per ton on Wednesday, against a September record of $14,875 per ton. Chinese warehouse inventories have fallen more than 75% in six months, and the outcome of US tariff policy on refined copper remains unresolved.
The players
J.P. Morgan
A major global investment bank whose commodity analysts publish closely watched price forecasts for industrial metals including copper.
The details
Traders had stockpiled copper in America in anticipation of tariffs, squeezing supplies elsewhere and pushing prices higher. Investors are selling copper amid economic uncertainty even as physical buyers keep competing for limited supplies.
Timeline
September: copper reached its record high of $14,875 per ton.
July: copper hit a low that now serves as key support.
Tuesday, November 3, 2026: copper fell 3.2% to a three-month low on the LME.
Wednesday, November 4, 2026: copper recovered above $14,100 per ton following the midterm elections.
Fourth quarter 2026: J.P. Morgan forecasts copper averaging $14,800 per ton.
Market Dynamics
The slide retraces part of copper's September record of $14,875 per ton and leaves prices in a descending channel after breaking their upward trendline on the daily chart. The shift reflects how US tariff expectations and Chinese inventory drawdowns are reshaping global copper flows.
Copper price swings feed into the cost of electrical wiring, appliances, and construction materials that households and businesses buy. Persistent volatility can ripple into consumer prices for goods that depend on copper components.
The takeaway
Copper is a bellwether for industrial demand, so its moves can signal broader shifts in data-center spending and trade policy. Watch the $6.31-per-pound support level as a gauge of whether the decline deepens.
Further reading
Track broader price signals in our Economic Indicators coverage.
Source note: This article includes information reported by BeInCrypto.
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